The Pakistan Stock Exchange (PSX) experienced significant selling pressure on Tuesday, with the benchmark KSE-100 index slumping by 908.6 points, or 1.2%, to close at 74,666.66. The index displayed notable volatility, trading within a range of 1,077.02 points, reaching an intraday high of 75,669.76 (+94.51) and a low of 74,592.74 (-982.51).
TRADING VOLUME AND MARKET BREADTH
The total volume of the KSE-100 index was 179.21 million shares. The market sentiment was heavily skewed towards the downside, with 79 of the 100 index companies ending in the red. Seventeen companies managed to close higher, while four remained unchanged.
SECTOR PERFORMANCE
The decline in the KSE-100 index was driven primarily by substantial losses in several key sectors:
- Oil & Gas Exploration Companies: The sector contributed a negative impact of 206.42 points.
- Technology & Communication: The sector contributed a negative impact of 151.49 points.
- Fertilizer: The sector contributed a negative impact of 112.83 points.
- Commercial Banks: The sector contributed a negative impact of 112.72 points.
- Power Generation & Distribution: The sector contributed a negative impact of 91.31 points.
IMPACT OF OIL PRICES
The slump in the stock market coincided with continued losses in oil prices, which extended after closing at their lowest in nearly four months on Monday. The downturn followed OPEC+’s announcement of plans to return barrels to the market earlier than expected, raising concerns about oversupply. Brent crude was last down 1%, after losing almost 4% the previous day.
KEY CONTRIBUTORS TO THE INDEX MOVEMENT
The companies that dragged the index lower were:
- Systems Limited (SYS): -107.63 points
- Mari Petroleum Company Limited (MARI): -70.85 points
- Hub Power Company Limited (HUBC): -64.09 points
- Oil and Gas Development Company Limited (OGDC): -54.62 points
- Pakistan Petroleum Limited (PPL): -43.37 points
Conversely, the companies that added points to the index were:
- Lucky Cement Limited (LUCK): +20.7 points
- Habib Metropolitan Bank Limited (HMB): +6 points
- Highnoon Laboratories Limited (HINOON): +4.64 points
- Shell Pakistan Limited (SHEL): +3.32 points
- National Refinery Limited (NRL): +3.24 points
BROADER MARKET PERFORMANCE
In the broader market, the All-Share index closed at 48,230.95, with a net loss of 573.44 points. The total market volume was 414.48 million shares, down from 441.26 million shares in the previous session. The traded value was recorded at Rs 18.31 billion, showing a decrease of Rs 323.99 million.
There were 229,081 trades reported across 451 companies, with 99 closing up, 279 closing down, and 73 remaining unchanged.
TOP TEN COMPANIES BY VOLUME
- Fauji Cement Company Limited (FCCL): 36,618,571 shares
- K-Electric Limited (KEL): 35,198,695 shares
- WorldCall Telecom Limited (WTL): 21,707,630 shares
- Hum Network Limited (HUMNL): 15,798,370 shares
- NetSol Technologies Limited (NETSOL): 11,513,094 shares
- Dewan Farooq Motors Limited (DFML): 11,410,901 shares
- Amtex Limited (AMTEX): 11,403,366 shares
- National Bank of Pakistan (NBP): 9,388,117 shares
- Airlink Communication Limited (AIRLINK): 8,708,693 shares
- TRG Pakistan Limited (TRG): 7,783,104 shares
MARKET SENTIMENT AND BROADER TRENDS
Despite the heavy selling, the KSE-100 index has shown strong performance over the fiscal year, gaining 33,214 points or 80.12%. The ongoing calendar year has also seen a cumulative increase of 12,216 points, equivalent to 19.56%.
